Tag Archives: house
Scottish house prices at their highest since records began
Scottish houses prices are at their highest level since records began, according to official statistics published by Registers of Scotland (RoS). The average house price in Scotland in the second quarter was £170,190, up 5.2% on the same period in 2013. This is the highest figure since RoS began compiling quarterly house price statistics in 2003. From July to September this year, the total volume of sales was also up, with an increase of 9.1% on the same quarter in the previous year. This figure represents the highest volume of sales for any quarter since quarter one of 2008/2009. ‘This is the second consecutive quarter in which the annual increase in average house price has risen by over 5%, bringing the average property price above pre-economic downturn levels, to just over £170,000,’ said Registers of Scotland’s director of commercial services, Kenny Crawford. ‘Combined with the increase in sales volumes, this has brought the total value of sales across Scotland to just under £4.5 billion for the quarter, up 14.8% on the same period last year,’ he added. Renfrewshire recorded the highest percentage rise in average price compared with the same quarter of the previous year, up 17.2% to £137,072. The City of Edinburgh recorded the highest average at £235,402, a rise of 5.6% compared with the same quarter in the previous year. The largest percentage fall in price was in the Scottish Borders which showed a drop of 5.7% with an average price of £164,448. The City of Edinburgh remains the largest market with sales of just under £759 million for the quarter, an increase of 17.9% compared with the same quarter last year. The data also shows that East Dunbartonshire showed the highest percentage rise with the value of sales increasing by 36.4% compared to the previous year. All property types showed an increase in average house price in this quarter, the biggest increase being in terraced properties at 5.3%. The largest sales volumes came from detached properties, which went up by 11.2% on the previous year. These statistics cover all residential sales, including those that did not involve a mortgage. Continue reading
UK property becoming increasingly important part of retirement planning
Property is becoming an increasingly important part of retirement planning in the UK with new figures showing a surge in the number of retirees using the wealth stored in their home to fund their retirement. The total value of equity release lending passed £1 billion in the first nine months of 2014 and reached a record quarterly amount in the third quarter of £375.5 million, according to the latest industry figures from the Equity Release Council. The data also shows that there were more than 5,500 new customers in the third quarter of the year, the most recorded in a single quarter for six years and the average amount of equity release lending also hit a new high. The amount lent for the first three quarter of 2014 at £1.02 billion is more than the entire year's lending totals for 2009 to 2012 and is already 95% of the total value of the market in 2013. The value of equity release lending in the third quarter was up by 15% on the previous quarter when it totalled £325.6 million, and up 32% year on year from £284.1 million in the third quarter of 2013. The 5,565 new customers in the third quarter of 2014 is the largest amount in a single quarter for almost six years when it reached 7,526 in the fourth quarter of 2008, a rise of 5% on the second quarter of 2014 and a 12% year on year increase. This brings the number of new customers to 15,624 in 2014 to date, putting the industry on track to see 20,000 new customers in total by the end of the year. The average value of equity release lending also broke new ground in the third quarter of 2014 by reaching £67,467, the largest amount on record and up by 9% since last quarter and up by 18% since the third quarter of 2013. The council said that the growth is being driven by the need for additional funds in retirement and by the boost that rising house prices have given to people's available equity. Lump sum and drawdown lifetime mortgages have continued their upward climb, with increases for both products in the third quarter of 2014. The value of lending via lump sum products rose 16% from the last quarter to £148.7 million while the value of drawdown lending rose by 15% to £225.7 million, demonstrating largely even growth across both product options. Lump sum plans accounted for 40% of the total market by value in the third quarter of 2014, while drawdown plans made up 60%. In contrast, for the same period last year 34% of equity release lending was via lump sum plans and 66% was drawdown. The council pointed out that this is a notable shift, potentially fuelled by the appeal of larger initial sums that allow customers to pay off lingering debts, such as outstanding mortgages, or to fund one-off expenses. While making up less than 1% of the market, home… Continue reading
Majority of UK buyers and sellers have had problems with estate agents, new research shows
Nearly two thirds of buyers and sellers have experienced problems with their estate agent in the last five years, according to new research. Some 60% of home buyers and sellers faced problems with their estate agents but 39% did not consider whether agents were regulated, meaning their agent may not have been signed up to a code of conduct, according to the research from the National Association of Estate Agents (NAEA). Of the 60% reporting to have had issues with their estate agents over a third, 37%, admitted that these could have been avoided if their agent was better regulated. The biggest complaint from the UK’s property market was the fact that their estate agent had bad communication skills. Some 21% said this was not calling them back, or chasing them too much. A further 14% felt as though their agent didn’t care about them. An additional 13% claimed that their estate agent had not told them about known faults in properties they were looking at, whilst 11% said their agent made promises to them that they did not see through. Other problems reported by home buyers and sellers included 9% finding that their agent was unnecessarily over pricing, 9% finding them being dishonest and 10% saying that they over exaggerated property descriptions. Buying a property is the biggest purchase and financial commitment of your life, and can be an overwhelming experience. It takes a lot of hard work and research to ensure you are ticking all the right boxes, and no doubt people come across many challenges along the way. An estate agent should really be there to help this process, not hinder, and therefore the choice of which agent to go with is an important one,’ said Mark Hayward, director general of the NAEA. ‘With the extensive administrative tasks and processes involved in buying or selling a home, communication between agents and homeowners is essential. It’s the estate agents’ role to make these processes seem as pain-free and seamless as possible, which regulated agents endeavour to do,’ he added. The report also found that people in London are the most likely to encounter a problem with their estate agent, with 83% claiming to have had an issue. Some 34% of Londoners reported not being informed about known property faults, 16% cited bad communication and 14% feeling as if the estate agent didn’t care about them. Those in Scotland have had the easiest run, with only 35% claiming to have had a problem with their estate agent in the last five years. The study also revealed that almost half, 47%, of those who didn’t check whether their agent was regulated or not, said it didn’t even cross their minds. A further 16% assumed that all agents were regulated, whilst 21% simply chose their agent because they managed the house they wanted. ‘In such a lively market, it’s important… Continue reading
